Financial Market Liquidity Drops To N156.6billion

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Financial market liquidity in the nation declined to N156.6 billion last Thursday after an improvement of N198.4 billion on Wednesday.

This is coming as a total of N80.0 billion worth of Open Market Operations (OMO) maturity as well as the weekly Cash Reserve Ratio (CRR) maintenance impacted on system liquidity.
The week had opened at N186.0 billion last Monday, higher than N144.1 billion the previous Friday.
Analysts opine that the foreign exchange (forex) market would be defined by the expected roll-out of the modalities for the operation of a new “Flexible Interbank Market” which the Central Bank of Nigeria (CBN )has promised would be communicated in the coming days.

Driven by liquidity dynamics during the week, the Open Buy Back (OBB) and Overnight (O/N) rates settled at 4.8 per cent and 5.5 per cent on Friday, down 3.7 per cent and 3.4 per cent Week-on-Week (W-o-W).

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